Paying Taxes on Small Inherited funds?

[crowbert]

I have recently inherited a small amount, $26,ooo since the passing of my Mother. My sister and I both received the same amount. I live in New York, she, in PA. She is holding some of my funds since she was POA. She is afraid there will be taxes to pay and will not release my funds. I am aware I have to claim it as income at tax time but it seems unfair for her to hold it until April. I am in dire need due to medical need. Also, are we responsible for Mom's debts? Thank you for any insite you can give. Crowbert

 

[army judge]

I have recently inherited a small amount, $26,ooo since the passing of my Mother. My sister and I both received the same amount. I live in New York, she, in PA. She is holding some of my funds since she was POA. She is afraid there will be taxes to pay and will not release my funds. I am aware I have to claim it as income at tax time but it seems unfair for her to hold it until April. I am in dire need due to medical need. Also, are we responsible for Mom's debts? Thank you for any insite you can give. Crowbert

First of all, my condolences on the passing of your beloved mother. God bless your family.

I'll address the easy question, first!

Surviving relatives are not responsible for the debts of their deceased family members.


Did mom leave a will?
Were the finds in question derived from an insurance policy?
Were the funds in question the result of mom's savings account or cash on hand?

How did sister come to possess your funds?

If the funds derived after a will was probated in court, some fees and taxes must be paid directly to the court.

Then you'll also have to pay the IRS crooks, NY state tax thugs, and whatever municipal tax thieves that have their paws out!

If sister only has POA, who made her boss? If she is the executrix of the estate, she has a fiduciary duty to pay probate taxes and fees and certain inheritance taxes.

 

[crowbert]

Army Judge

Thank you very much for your quick reply & for your kind message for my Mom. I miss her!

 

[crowbert]

Thank ou Army Judge for such fast reply & kind message for my Mom. Crowbert

 

[army judge]

Thank you very much for your quick reply & for your kind message for my Mom. I miss her!

No worries, Crowbert. you're more than welcome. My blessed mother left this life 15 years ago. I've missed her everyday. I fondly remember her everyday, too.